The board of directors of Century Textiles has allotted 8.47 million shares to promoter companies thus increasing the stake of Kumar Mangalam Birla family by around 8 per cent in the company. As of now, total 40 per cent stake in the company are owned by the promoters and the promoter companies were allotted warrants on preferential basis in June 2014. They and had paid 25 per cent of the subscription money. The promoter companies paid balance 75 per cent of the warrant price and have requested conversion of warrants into equity shares.

Kumar Mangalam Birla is now leading the company which was earlier managed by his grandfather B K Birla. Century Textiles is looking at a proposal to demerge its cement division in lieu of shares of Aditya Birla group’s Ultratech. The 13 mtpa cement capacity has been valued at Rs 10,500 crores.